FINANCE: Liabilities checklist (printable)
Liabilities is an often used term in accounting and financial reporting. Often times what a liability really is can be misunderstood.
* A liability is an obligation of a company due to some action it has taken
* Accrued liabilities are an accounting entry which recognizes the fact a company will owe based on some activity in the current period
* Liabilities are usually reduced by trading some asset to pay off the liability
* Liabilities can be both current and non current
* Current Liabilities are often Accounts Payable, Short Term Loans, Payroll payable
* Long term Liabilities are often long term loans and notes, pension obligations, often any liability with a due date of more than 1 year
* Liabilities are demonstrated on the Balance sheet
* Liabilities must equal Assets less Equity
* Provisions are liabilities with no specific time or amount, but with some assurance there will be a liability
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